The Michigan Association of REALTORS®, along with many other state REALTOR® associations, has received many questions and concerns regarding site condominiums and FHA loan approvals. Recently, HUD released Mortgagee Letter 19 on the Condominium Approval Process for single family housing. Included in the letter is guidance on how to treat site condominiums. Under the letter, site condos do not need to be approved as condo projects, but FHA loans for site condos still need to include a condominium rider in the loan package for insurance endorsement. Here is an excerpt:
"Site Condominiums are single family detached dwellings encumbered by a declaration of condominium covenants or condominium form of ownership. Condominium Project approval is not required for Site Condominiums; however, the Condominium Rider (Attachment D) must be included in the FHA case binder submitted for insurance endorsement. Manufactured housing condominium projects (MHCPs) may not be processed as site condominiums; these projects will require approval under HRAP."
For more information, please
click here.
In addition to nationally renowned speakers, networking events and an expo with top trends from leading companies, the 2009 MAR Convention & Expo is offering fresh items to the agenda this year. Being held October 7-9 at the Grand Traverse Resort & Spa, in Acme, MI, the 2009 Convention & Expo is the greatest real estate event value in the State of Michigan.
By taking advantage of the early bird registration rate, for only $199, members have access to all convention program activities with the exception of recreational activities. Yes, this includes welcoming reception, the Expo, knowledge sessions, Grand Assembly, coffee breaks, lunch in the Expo on Thursday, Happy Hour in the Expo, REALTOR® Royale and many opportunities for networking. In addition, new items include:
•
MAR Live Learning Center: For the first time ever, content is being recorded and will be accessible to you 24/7 via the online MAR LLC in Streaming Media Format or for Download - even to your MP3 player. The sessions will contain the audio fully synchronized to their PowerPoint’s to provide you with a true multimedia recreation of the event. User notes, online handouts and the MP3 file for downloads are just some of the additional features.
Visit the MAR Live Learning Center Web site•
Repeat Sessions: This year the Convention will be offering repeat sessions of popular topics, so members will have double the opportunity to see the must attend sessions. The sessions may repeat during the same day, or be offered on the following day.
•
MAR Real Tour 2009: The MAR Convention golf outing is back this year, with a new name. The MAR REAL Tour is replacing the former “President’s Cup” golf outing, and will take place at The Grand Traverse Resort & Spa’s, The Wolverine, a Gary Player’s signature course. Included in your outing fee are range balls, continental breakfast, boxed lunch on the course, two complimentary drink tickets and prizes at the conclusion of the outing. Fees for the outing are $110 per person, don’t miss the chance for a day of networking on the greens!
Find out More about MAR’s 2009 Convention & Expo at the Convention
Web site
Make a difference at MAR by participating with MAR's annual Director elections. Important deadlines are coming up soon, so be sure to mark your calendars appropriately.
As an essential part of the MAR team, the Board of Directors implement the visionary strategies that make the association tick, while building the foundation for constant improvements. These professional, engaged member volunteers ensure that MAR is the first place people think of for highly credible industry-related services and advocacy.
Individuals wishing to seek candidacy must file with MAR by Friday, July 24, 2009.
MAR Directors are elected just like U.S. Congressional representatives, along district lines. Candidates must run in the district where they live. Questions should be directed to Brian Westrin at 517-334-5558, or email him at
bwestrin@mirealtors.com.
Other important deadlines are as follows:
- September 9, 2009; MAR Director Online voting begins
- October 8, 2009; MAR Director Online Voting closes
Click here for additional information regarding deadlines, criteria and eligible districts up for election.
With the help of McClelland & Anderson, we are taking the most commonly asked questions from our legal hotline and putting them in e-news. We will be featuring a different question each issue.
QUESTION: I am a broker and one of my salespersons wants to do some property management on the side. Is this allowed?
MAR is expanding its’ presence on Social Media sites, and is now on Twitter! Begin following MAR on Twitter, and receive the latest tweets on advocacy, legal issues, state, national news and more! Whether on your phone, or each time you log in, stay connected with the latest Michigan real estate news, through Twitter today!
Follow MAR on Twitter
A study by researchers from the Keller Center at Baylor University's Hankamer School of Business determined that consumers use social influences, market sources, and reputation to select a real estate sales associate.
They tend to seek out "word-of-mouth" referrals from friends who either are real estate professionals themselves or who have had a positive experience with a particular associate.
They then log online to check out the practitioner's Web site, taking into consideration availability and target neighborhoods.
Researchers determined that consumers expect comfort, honesty, establishment, or length of time in
business, experience, and knowledge from the real estate professionals they select.
Source: Newswise (05/22/09)
You work hard to help people find peace of mind and security when they are searching for a new home. You are well respected and loyal to your buyers when helping them make one of the most important purchases of their lives.
We understand and respect that kind of loyalty. What's more, we think it's time that you enjoy that peace of mind and comfort as well. That's why Frankenmuth Insurance is offering special discounts to members of the Michigan Association of REALTORS®. Savings include a generous discount on auto and home policies. They can also be combined with other discounts available through your independent insurance agent.
To locate an independent insurance agent click on this link: http://www.fmins.com/ or call 800.682.6881 or visit the Hartland Insurance Group web site: www.hartlandinsurancegroup.com.